Cointelegraph Team
Cointelegraph
Bitcoin (BTC $26,765) swiftly erased its month-to-date losses on June 7 as volatility returned to ultimately favor the bulls.
BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView
BTC price cancels Binance, Coinbase dip
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $27,388 on Bitstamp — almost a new June high.
The pair continued a rebound that had begun the day before, with markets shaking off initial nerves from the United States Securities and Exchange Commission’s (SEC) legal action against Binance and Coinbase.
In so doing, Bitcoin recovered all of its lost ground, returning to its previous trading range focused just below $27,000.
“Back to $27K. Great bounce from the 200-Week MA. Time to start the new uptrend to $38-42K on Bitcoin,” Michaël van de Poppe, founder and CEO of trading firm Eight, responded.
Van de Poppe referenced the 200-week moving average (MA), an important support level which, at $26,400, was only lost for a few hours.
A previous tweet called the BTC price correction “over,” echoing a similar sentiment from other popular traders.
“Bitcoin has retested the 200-week MA as support,” trader and analyst Rekt Capital confirmed.
Downside wicking below the MA has taken place but $BTC has managed to hold above it.
BTC/USD annotated chart. Source: Rekt Capital/Twitter
Rekt Capital had previously warned that a firm loss of the 200-week MA would result in a trip toward $20,000.
Analyzing the bounce itself, the trading suite DecenTrader saw cause for relief based on exchange trader behavior.
Commenting on the subsequent return below $27,000, analysts argued that it was increasing long positions holding the market back.
“We typically see a bit of a pullback until this is resolved,” they added.
Monitoring resource Material Indicators meanwhile tracked liquidity movements on the Binance order book, describing events as a “stairway to heaven” as conditions improved.
It nonetheless flagged $27,400 as a key area to break through, something which had not occurred at the time of writing.
Hayes: Bitcoin has scaled “wall of worry”
Equally unshaken in his faith in BTC price action moving to a better place was Arthur Hayes, former CEO of derivatives exchange BitMEX.
In ongoing social media reactions, Hayes called on hodlers to wait for the full return of the Bitcoin bull market.
“The wall of worry is being climbed, come with me on the $BTC bull market bus,” he wrote about the rebound.
We are still on struggle street, but the moon ain’t far away.
The day prior, Hayes had cautioned over “FUD” surrounding Binance, arguing that risk assets were responding to bigger macroeconomic problems, which would, in turn, be resolved.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.